US banks suffered almost $19bn of losses on soured loans in the second quarter, the highest level in more than three years as lenders contend with rising defaults among credit card and commercial real estate borrowers.
Lenders reported $18.9bn in so-called charge-offs — losses on loans marked as unrecoverable — during the quarter, an increase of almost 17 per cent on the previous three months and 75 per cent higher than the same period last year.
In all, banks lost 61 cents for every $100 loaned, the most since the second quarter of 2020 when the Covid-19 pandemic was ravaging the economy.
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